Sprint to End Contract With LightSquared

By

Greg Bensinger

March 15, 2012 7:04 p.m. ET

Sprint Nextel Corp. will terminate a 15-year contract with billionaire Philip Falcone's LightSquared Inc. Friday and return $65 million in prepayments to the wireless start-up, according to people familiar with the plans.

The move comes after the Federal Communications Commission said earlier this year that it intended to block LightSquared...